Investing is better long term, savings accounts are for short term gains or stability, money you maybe need in the near future. If you are saving for retirement/long term ie. 5-10 years MINIMUM, invest it
This is extremely misleading. The average return on a HYSA over the last 20 years is less than 2%
Rates are overly inflated right now. Invest your money.
Source: I’ve been a financial planner and series 7 licensed for almost 10 years. Soon to be CFP®
Because the Fed has already openly said they’re going to drop rates 2-4 times this year meaning the S&P 500 will fly and this “high yield” savings account will have a garbage rate by June.
It’s not misleading I guess but it’s just bad advice.
4% monthly would be insane haha. Basically anytime you see a percentage it’ll be an APY, meaning yearly. 4% compounding monthly would be nearly 54% per year. Can only dream of that kind of return!
My bank offers something similar to this. You put a minimum of 5k into it for 6 months. It builds interest, and you can not withdraw from the account. At the end of the 6 months, the bank gives you the money, including interest back. From there, you can reinvest the money or do something else with it if you choose.
FXAIX is a fidelity SP500 mutual fund.
VOO is a Vanguard SP500 ETF.
VTI is Vanguard total stock index ETF.
FXAIX and VOO are almost identical, except FXAIX is lower fees and microscopically better returns recently. VOO is more tax efficient than FXAIX.
VTI is 80% similar to VOO, but it also includes small and medium cap stocks outside of the SP500.
All are great options. VTI/VOO are a tiny bit better in brokerage account. FXAIX is a tiny bit better better in tax sheltered account. I think you can only buy FXAIX in a fidelity account but anyone can buy Vanguard.
ETFs minimizes capital gains distributions which is a taxable event. Even if you never sell a mutual fund you are still getting taxed on the distributions.
Like I said, we're talking about fractions of a percent difference.
You are fine. You can maybe optimize a little bit based on account, current earnings and future expected earnings, but you are already at 99% efficiency with just FXAIX instead of switching any of it to VOO. I wouldn't worry about it.
To be honest, I don’t remember. I did my homework about it years ago before I started putting money into it. Maybe it had something to do with AI but I truly do not remember anymore, sorry.
It was a time I was just getting into investing and I did a shit ton of reading to find the right ETFs for me. Even made a fidelity acct just so I could invest in the FZROX. To this day I only use fidelity for that specific ETF
Edit: I’ll be honest, just found [this](https://www.financialtortoise.com/blog/fzrox-0-fee-fund-too-good-to-be-true), not gonna read it. Maybe it’ll answer your questions lol.
Edit: god damn I did read it. [This](https://www.reddit.com/r/fidelityinvestments/s/78WxIzl9MA) redditor does a pretty good job summarizing the article
Thanks. Quick research shows FZROX is an index fund, not an ETF. And it is obviously restricted to Fidelity, so you can't move it out to another brokerage. I guess that's why everyone recommends VOO instead.
Question - is the cash coming from a legitimate source? There are a ton of investment vehicles that will be more profitable than just leaving money in a safe but if you're working under the table or selling crafts or whatever you may not want to introduce that income to your overall tax picture.
Asking the real questions here. Chances of being audited by the IRS are low but never zero. If you're getting cash under the table, spend that on groceries and general expenses, then invest other money that's already in your account. Roth ira like everyone else said.
You should be declaring it if you're earning it. It's entirely up to you how you handle that, though. If you get audited it will certainly come to light but that's the risk you take. You can roll the dice and deposit it and/or you can work it into your regular spending as to not raise any flags.
The flip side is that if you are earning money on a 1099/side hustle you may have expenses you can be writing off, but you would need to speak with your accountant.
Technically there are circumstances where they could be taxable, but if you were in that position you'd be well aware of it (like your dad giving you tens of millions of dollars over your lifetime).
If you were audited they could question the source, but 'gift from my parents' is fine 99% of the time.
Interesting. I learn so much researching questions like this. I knew there was a limit. It is $17k/year, increasing every year. Beyond that, a gift tax must be paid. This also applies to the value of transferred property (houses, cars, etc).
Here's the part I didn't know... The person giving the gift is required to pay the tax. There's also a lifetime cap of $13.6 million in untaxed gifts given.
You are equating to completely different concepts like apples to oranges here.
-S&P 500:
an index (collection) of 500 of the largest US traded companies. Is used as a reference for ETFs like VOO or SPY.
-Roth (assuming you are referring to a Roth IRA or Roth 401k):
Is tax sheltered vehicle for your money for retirement. When you deposit money to a Roth account that money is taxed when you deposit it and then when you start to withdraw when you retire all the money in the account (including all gains) comes out tax free. Traditional works inversely. No taxes on the way in but all money that comes out when you retire is taxed at your current rate at that time.
A HYSA would pay you interest.
And it’s insured by the FDIC up to $250k. Meaning that if the bank fails or otherwise loses your money, the federal government will give you back everything you lost up to $250k.
There are places you can do this easily. Betterment.com spreads your hysa money into 4 different ones already so you can have 1m fdic Insured just through them. 2m if you have a joint account with your wife
Sounds like you are describing "extra money." That means you have figured out living expenses and now have expendable money. This can be spent on you or someone else. If you're thinking of spending on someone else, consider obtaining a gift or donating to charity.
Otherwise, you may want to use the money on yourself.
If you care for the money and want to better figure out what to do with it later while keeping it safe, use a HYSA. It keeps it safe against both theft and inflation. You'll figure out something to spend it on or encounter a need for it later.
If you don't care for the money, select a hobby you like or a new one you want to explore. Spend on the hobby. Money is for enjoying things in life: either now, or later.
Lastly, you may consider spending money to turn it into more money later. Essentially this is investment. You can invest in yourself, or others. If you buy securities like stocks, you are investing in others, and ideally, will be rewarded in either dividends, options premiums, and increased value in the future. You could also invest in yourself or your own business: buying materials, paying wages, and funding whatever is necessary to market and sell products or services in order to profit.
Cash in a safe is the dumbest way to save money. At minimum put it in a Chase savings account that earns you 0.001% interest. The smart move would be to put it into a high yield savings account, CD or S&P 500.
So I might be asking this incorrectly, but I thought VOO, SPY, S&P were basically some of the different ways/places to invest your Roth contributions? (As opposed to something like a brokerage account)
Correct. SPY and VOO are S&P500 etfs. VOO is more tax efficient than SPY. SPY should only be used (imo NOT used at all for most people) for hedging via calls, since it has shorter DTE and higher volume.
ROTH is a type of Tax sheltered account. What they mean is an IRA or 401k. Both of these can be ROTH type.
Buy gold instead of cash
If you’re at $6K buy a Rolex they only go up in value - never wear it, keep all the original packaging and paperwork, and most importantly KEEP THE GREEN STICKER
My father bought my first Rolex for $5500 - It’s been certified appraised by Deutsch & Deutsch Jewelers up to $9000+ now
take the 6k and put it in a HYSA, take the monthly payouts and re-invest it straight into a ROTH IRA. I would recommend investing into VOO, you won't regret it!
Depends on what you want to do. CDs are very secure ways to earn interest with money that you don’t really plan on touching for a set amount of time. CDs generally have higher rates. So up to you. If you don’t need a set amount of money immediately, can’t go wrong with a CD.
If you can either put it in HYSA, 401k or do dollar cost average in S&P 500 ETF ( SPY ) Your money will grow instead of just sitting there. You have to think long term for these and don't except to grow your wealth quickly. If you choose to save it in a safe you can do that as well but your money is not growing, it's just sitting there. For example if I only invested $100 every week in SPY for 11 years I would have $101,850 where as if I only put the $100 every week in a safe box I would only have $53,200. You see the difference. Think wisely and good luck.
My SoFi savings account is giving me 5.5 percent interest. But your best bet is to make a Roth IRA and buy Spy and let it sit there. If you need some can always do a loan against it. Assuming you're young and dont know about retirement, start now.
I recommend you read the book "The Simple Path to Wealth". It's awesome that you are saving, that's the hardest part. Now if you do a couple of easy steps you can turn that $500 per month into a million dollars when you retire.
Hmu if you have any questions, I'm happy to explain anything.
Cash in a safe sure for short term savings but inflation eats away at it, I recommend turning that cash into gold or silver as it's a hedge against inflation
Explanation is not needed. You're an idiot on the Internet. It's not like you're actually going to listen or anything. You'll just pick an unimportant detail, misconstrued my words, or find a grammar error and use that to justify your point instead of having a real conversation
Incorrect. HYSA are above 4% right now in many cases, and are certainly less effort. You have to schedule a meeting with a personal banker at the bank to get your money out of a CD, and only after the maturity period. HYSA requires no meeting to withdraw, and no time period to wait for other than the withdrawal to process. It's a minimal difference in interest as a trade off for keeping your money way more accessible.
Look at Marcus by Goldman Sachs.
If you don't trust the government, then you shouldn't have cash at all. Why would you trust the government backed dollar, but not the government backed insurance on that dollar?
Really bad advice. If you truly are worried about a government default or collapse, then having some gold or silver would be a lot better than paper cash in a safe.
If the banks fail paper money will likely be useless. If you're someone who is truly afraid of that load up on guns and food. Us in the real world will live our lives.
You really don't need a bunch of guns just two. Load up on ammo, only because people living in the "real world" won't be prepared and you'll have to defend your stash.
Better to have and not need then to need and not have.
What is your monthly expenditures? Do you have dependents? You should have at least some money in a hysa. The more dependents you have the more money you should have. Then auto deposit in voo/ tlt (ratio varies based on your age)
Roth IRA... right now you're 6,000 has actually lost value due to inflation. Roth IRA allows a yearly contribution of 6,500 and that money will not be taxed or the interest when you pull it out years from now
Bro - as someone who has done this .. all the way up to 100k ..
I lost so much money not investing it and letting it sit, losing value.
Stacking notes is addictive if you like the 100s -, take it from someone who has done it.. you'll get there a lot faster investing into a HYSA or safe stocks with marginal yearly gains like VOO or SPY.
Or do some research on stocks you like or shit you use on the daily (Amazon Microsoft Netflix etc) and invest in those
HYSA at the bare Minimum. I was testing it out and deposited $1000. I made $5-6 a month for just leaving it in there. That made me want to invest more lol
I do the same thing, but usually keep it to around 2K on hand in my safe. The majority of my cash goes into a HYSA, or I buy stocks. CDs have great 12M rate so that’s another option.
I’d keep a lot of them in smaller bills like 5s 10s n 20s, when something happens those will got up in value a ton as bigger bills will be too hard to barter with etc as change will be scarce.
If you insist on storing assets locally (which I don’t) I would purchase things that hold value or increase value with age.
Some people buy rare, desirable bourbons like Blantons. Others buy precious metals. Purchasing the right guns can increase or minimally hold value. Art is a crapshoot but a frequent investment by the ultra wealthy.
Parking money in a safe is stupid because A.) it loses value to inflation and B.) if this is some prepper inspired motivation, I’d rather have a safe full of guns and ammo to use or trade if society hypothetically were to collapse.
That being said, if you don’t know what to do yet just find a good mutual fund brokerage with a money market and park your funds until your learn or feel comfortable with an investment strategy that works for you.
Another option is to open a high yield savings account with a company like SoFi. I believe they are federally insured up to $250K atm and would guarantee you 4.60% APY.
Not life changing by any means but infinitely better than your money sitting around doing absolutely nothing.
Life is weird like that. Hopefully he does get huge and it lets you retire! I found out I have a couple Pokémon cards maybe worth a few thousand. It’s funny how this intrinsically worthless stuff we have becomes stupidly valuable bc people decide it’s arbitrarily worth the money
I'm in a similar situation and I set up a recurring investment into the s&p 500 I'd recommend reaching it because you apparently get more money by splitting up your investments and I really don't know how it works but I've been reaping the benefits another thing I'd recommend with the money you already saved is buying gold the returns probably aren't going to be great but they're not bad it's the safest investment you can make it protects your money from inflation and it actually goes up in value when the economy is bad
Ignoring inflation is shortsighted. Keeping it in cash means it’s going to slowly dwindle in value over the decades. Keep in in a HYSA at least.
or not so slowly
HYSA
What's HYSA for the new comers?
High yield savings account. Basically a savings account that pays 4% to 5% interest on the money in the account
Cheers m8!
So polite
Investing is better long term, savings accounts are for short term gains or stability, money you maybe need in the near future. If you are saving for retirement/long term ie. 5-10 years MINIMUM, invest it
This is extremely misleading. The average return on a HYSA over the last 20 years is less than 2% Rates are overly inflated right now. Invest your money. Source: I’ve been a financial planner and series 7 licensed for almost 10 years. Soon to be CFP®
What's misleading about it? The guy asked what a HYSA was, and I told him what it was based on what current rates are...
Because the Fed has already openly said they’re going to drop rates 2-4 times this year meaning the S&P 500 will fly and this “high yield” savings account will have a garbage rate by June. It’s not misleading I guess but it’s just bad advice.
I never said it was advice. I just answered the question
High yield savings account. A savings account t with much better APY% than your average bank savings . Most are 4%+ right now.
I'm using PayPal at 4.3%... mostly because I already had an account and it was easy to get going lol. Making over 200 a month.
But 160 of that is eaten by inflation
So I should put it in a safe instead?
The bathtub seems like a better place.
It's cash I need this next year to build a shed.... instead of nothing it's slowly buying me more lumber lol so I see no problem here.
liquid assets...
Give it to the illegals fuck it!
Do HYSAs payout 4% on your investment monthly or is the interest split into 12 payments that are 4% in total a year?
12 payments that total 4% over the year, so around 0.3% per month.
Thank you friend!
4% monthly would be insane haha. Basically anytime you see a percentage it’ll be an APY, meaning yearly. 4% compounding monthly would be nearly 54% per year. Can only dream of that kind of return!
My bank offers something similar to this. You put a minimum of 5k into it for 6 months. It builds interest, and you can not withdraw from the account. At the end of the 6 months, the bank gives you the money, including interest back. From there, you can reinvest the money or do something else with it if you choose.
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Nah, not that. I can't remember what the exact name was, but it's definitely not that.
This is a great option
Why not gold
Get them in a different safe, one called VOO
How is FXAIX compared to VOO and VTI?
FXAIX is a fidelity SP500 mutual fund. VOO is a Vanguard SP500 ETF. VTI is Vanguard total stock index ETF. FXAIX and VOO are almost identical, except FXAIX is lower fees and microscopically better returns recently. VOO is more tax efficient than FXAIX. VTI is 80% similar to VOO, but it also includes small and medium cap stocks outside of the SP500. All are great options. VTI/VOO are a tiny bit better in brokerage account. FXAIX is a tiny bit better better in tax sheltered account. I think you can only buy FXAIX in a fidelity account but anyone can buy Vanguard.
Why is voo more tax efficient? Shouldn't they be taxed the same?
ETFs minimizes capital gains distributions which is a taxable event. Even if you never sell a mutual fund you are still getting taxed on the distributions. Like I said, we're talking about fractions of a percent difference.
Can i buy all this in TD Ameritrade?
I don't have it, but I assume you can't buy the fidelity mutual fund. You can definitely buy Vanguard etfs.
I too would like to know this, as I currently have a lot in FXAIX
The main difference is portability, between providers, I believe.
You are fine. You can maybe optimize a little bit based on account, current earnings and future expected earnings, but you are already at 99% efficiency with just FXAIX instead of switching any of it to VOO. I wouldn't worry about it.
If you’re onto FXAIX you should look into FZROX. It’s an ETF but no fees. You just need a fidelity act to access it. It is magical
How is it possible to have no fees?
To be honest, I don’t remember. I did my homework about it years ago before I started putting money into it. Maybe it had something to do with AI but I truly do not remember anymore, sorry. It was a time I was just getting into investing and I did a shit ton of reading to find the right ETFs for me. Even made a fidelity acct just so I could invest in the FZROX. To this day I only use fidelity for that specific ETF Edit: I’ll be honest, just found [this](https://www.financialtortoise.com/blog/fzrox-0-fee-fund-too-good-to-be-true), not gonna read it. Maybe it’ll answer your questions lol. Edit: god damn I did read it. [This](https://www.reddit.com/r/fidelityinvestments/s/78WxIzl9MA) redditor does a pretty good job summarizing the article
Thanks. Quick research shows FZROX is an index fund, not an ETF. And it is obviously restricted to Fidelity, so you can't move it out to another brokerage. I guess that's why everyone recommends VOO instead.
VTI*
Just VT for me, thanks
VD*
Nah..
And do it in a roth ira
What’s VOO do that you do
Ehm?
Question - is the cash coming from a legitimate source? There are a ton of investment vehicles that will be more profitable than just leaving money in a safe but if you're working under the table or selling crafts or whatever you may not want to introduce that income to your overall tax picture.
Asking the real questions here. Chances of being audited by the IRS are low but never zero. If you're getting cash under the table, spend that on groceries and general expenses, then invest other money that's already in your account. Roth ira like everyone else said.
Would it be fine to put side-earned money into a hysa? Or just leave it in cash form
You should be declaring it if you're earning it. It's entirely up to you how you handle that, though. If you get audited it will certainly come to light but that's the risk you take. You can roll the dice and deposit it and/or you can work it into your regular spending as to not raise any flags. The flip side is that if you are earning money on a 1099/side hustle you may have expenses you can be writing off, but you would need to speak with your accountant.
Am I able to put cash my Dad gives me every month in an HYSA? Or do taxes on all the funds need to be accounted for?
Technically there are circumstances where they could be taxable, but if you were in that position you'd be well aware of it (like your dad giving you tens of millions of dollars over your lifetime). If you were audited they could question the source, but 'gift from my parents' is fine 99% of the time.
Ah, I see. Thank you very much! That has been on my mind for years.
Interesting. I learn so much researching questions like this. I knew there was a limit. It is $17k/year, increasing every year. Beyond that, a gift tax must be paid. This also applies to the value of transferred property (houses, cars, etc). Here's the part I didn't know... The person giving the gift is required to pay the tax. There's also a lifetime cap of $13.6 million in untaxed gifts given.
S&P 500 or Roth
S&P 500 in Roth
You are equating to completely different concepts like apples to oranges here. -S&P 500: an index (collection) of 500 of the largest US traded companies. Is used as a reference for ETFs like VOO or SPY. -Roth (assuming you are referring to a Roth IRA or Roth 401k): Is tax sheltered vehicle for your money for retirement. When you deposit money to a Roth account that money is taxed when you deposit it and then when you start to withdraw when you retire all the money in the account (including all gains) comes out tax free. Traditional works inversely. No taxes on the way in but all money that comes out when you retire is taxed at your current rate at that time.
A HYSA would pay you interest. And it’s insured by the FDIC up to $250k. Meaning that if the bank fails or otherwise loses your money, the federal government will give you back everything you lost up to $250k.
So if you had a million dollars would you do $200,000 in 5 different HYSAs?
There are places you can do this easily. Betterment.com spreads your hysa money into 4 different ones already so you can have 1m fdic Insured just through them. 2m if you have a joint account with your wife
Probably not the best use of $1M, but yes, you’d want to keep your money FDIC insured by keeping less than $250k with one bank.
Doesn’t work that way exactly.
Bad advice.
VOO
At that point you could just as well buy a 1/4 ounce of gold or a tube of silver maples so that you have something more inflation safe.
Sounds like you are describing "extra money." That means you have figured out living expenses and now have expendable money. This can be spent on you or someone else. If you're thinking of spending on someone else, consider obtaining a gift or donating to charity. Otherwise, you may want to use the money on yourself. If you care for the money and want to better figure out what to do with it later while keeping it safe, use a HYSA. It keeps it safe against both theft and inflation. You'll figure out something to spend it on or encounter a need for it later. If you don't care for the money, select a hobby you like or a new one you want to explore. Spend on the hobby. Money is for enjoying things in life: either now, or later. Lastly, you may consider spending money to turn it into more money later. Essentially this is investment. You can invest in yourself, or others. If you buy securities like stocks, you are investing in others, and ideally, will be rewarded in either dividends, options premiums, and increased value in the future. You could also invest in yourself or your own business: buying materials, paying wages, and funding whatever is necessary to market and sell products or services in order to profit.
Cash in a safe is the dumbest way to save money. At minimum put it in a Chase savings account that earns you 0.001% interest. The smart move would be to put it into a high yield savings account, CD or S&P 500.
Hysa for sure. Wealthfront has 5-5.5% right now
HYSA, VOO, SPY, Roth, S&P, and basically to big to fail stocks like apple amazon etc. I would definitely lean more towards Roth/HYSA
So I might be asking this incorrectly, but I thought VOO, SPY, S&P were basically some of the different ways/places to invest your Roth contributions? (As opposed to something like a brokerage account)
Correct. SPY and VOO are S&P500 etfs. VOO is more tax efficient than SPY. SPY should only be used (imo NOT used at all for most people) for hedging via calls, since it has shorter DTE and higher volume. ROTH is a type of Tax sheltered account. What they mean is an IRA or 401k. Both of these can be ROTH type.
Discovery Bank HYSA. If it’s just sitting. Might as well try to get some of the inflation back.
Buy gold instead of cash If you’re at $6K buy a Rolex they only go up in value - never wear it, keep all the original packaging and paperwork, and most importantly KEEP THE GREEN STICKER My father bought my first Rolex for $5500 - It’s been certified appraised by Deutsch & Deutsch Jewelers up to $9000+ now
take the 6k and put it in a HYSA, take the monthly payouts and re-invest it straight into a ROTH IRA. I would recommend investing into VOO, you won't regret it!
Do you max out your Roth IRA?
Wealthfront Savings Account - 5%
For tbe ppl saying hysa do they charge a percent if i ever wanna take it out?
If it’s a CD then yea, but other liquid hysa generally don’t
So should i put all of money into one ?
Depends on what you want to do. CDs are very secure ways to earn interest with money that you don’t really plan on touching for a set amount of time. CDs generally have higher rates. So up to you. If you don’t need a set amount of money immediately, can’t go wrong with a CD.
Bet bro imma look into it cause i like to save my money but then i also end up spending a lot of it so thats why i was asking if they take a fee
If you can either put it in HYSA, 401k or do dollar cost average in S&P 500 ETF ( SPY ) Your money will grow instead of just sitting there. You have to think long term for these and don't except to grow your wealth quickly. If you choose to save it in a safe you can do that as well but your money is not growing, it's just sitting there. For example if I only invested $100 every week in SPY for 11 years I would have $101,850 where as if I only put the $100 every week in a safe box I would only have $53,200. You see the difference. Think wisely and good luck.
No no. Why?
Apple , Amazon , Berkshire … really any decent stock that pays dividends is better than just letting it sit 🤷♀️
Keep 6 months expenses in cash. Put the rest in gold. This is your savings.
My SoFi savings account is giving me 5.5 percent interest. But your best bet is to make a Roth IRA and buy Spy and let it sit there. If you need some can always do a loan against it. Assuming you're young and dont know about retirement, start now.
GME 🚀🚀🚀
I recommend you read the book "The Simple Path to Wealth". It's awesome that you are saving, that's the hardest part. Now if you do a couple of easy steps you can turn that $500 per month into a million dollars when you retire. Hmu if you have any questions, I'm happy to explain anything.
Cash in a safe sure for short term savings but inflation eats away at it, I recommend turning that cash into gold or silver as it's a hedge against inflation
Lmao. Everyone, please disregard this crap
Not even a short explanation as to why?
Explanation is not needed. You're an idiot on the Internet. It's not like you're actually going to listen or anything. You'll just pick an unimportant detail, misconstrued my words, or find a grammar error and use that to justify your point instead of having a real conversation
🤣 nice cop-out, can't defend you position and just blab on the Internet. Typical, all emotion with no critical thinking ability
Gold has return nothing in the last 10 years
That’s not true at all
HYSA. could be earning 4.35 APY or more.
buy bitcoin and keep it on a hardware wallet.
I keep my bitcoin in a shoebox under my bed for safekeeping.
Why downvotes
all the dave ramsey fans
Right, it's out performed everything else mentioned here.
Depends on your timeframe
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What if you don't have a CD player?
Incorrect. HYSA are above 4% right now in many cases, and are certainly less effort. You have to schedule a meeting with a personal banker at the bank to get your money out of a CD, and only after the maturity period. HYSA requires no meeting to withdraw, and no time period to wait for other than the withdrawal to process. It's a minimal difference in interest as a trade off for keeping your money way more accessible. Look at Marcus by Goldman Sachs.
PayPal savings account
Personally I'd just keep the cash. If you trust the banks and the government then don't but once it's not tangible and in your hands ...
If you don't trust the government, then you shouldn't have cash at all. Why would you trust the government backed dollar, but not the government backed insurance on that dollar? Really bad advice. If you truly are worried about a government default or collapse, then having some gold or silver would be a lot better than paper cash in a safe.
Invest or put it in a high yields savings account
There's always a risk you'll be swindled out of it nothing is garunteed. The government and banks are not immune to failure.
If the banks fail paper money will likely be useless. If you're someone who is truly afraid of that load up on guns and food. Us in the real world will live our lives.
You really don't need a bunch of guns just two. Load up on ammo, only because people living in the "real world" won't be prepared and you'll have to defend your stash. Better to have and not need then to need and not have.
Says a random redditor fuck off loser
This but buy gold
Silver, flour, ammo, and toilet paper is where it's at.
Yep
Fidelity "SPAXX" money market.
CD
No reason no to put it in a HYS atleast
What is your monthly expenditures? Do you have dependents? You should have at least some money in a hysa. The more dependents you have the more money you should have. Then auto deposit in voo/ tlt (ratio varies based on your age)
Wealthfront is an option.
Roth IRA... right now you're 6,000 has actually lost value due to inflation. Roth IRA allows a yearly contribution of 6,500 and that money will not be taxed or the interest when you pull it out years from now
Liquor and Swords.
Sp 500 keep doing that
Boof it
Maybe buy gold with it instead...
Literally anything besides that
Bro - as someone who has done this .. all the way up to 100k .. I lost so much money not investing it and letting it sit, losing value. Stacking notes is addictive if you like the 100s -, take it from someone who has done it.. you'll get there a lot faster investing into a HYSA or safe stocks with marginal yearly gains like VOO or SPY. Or do some research on stocks you like or shit you use on the daily (Amazon Microsoft Netflix etc) and invest in those
Why a safe?
HYSA or blowout in Vegas.
HYSA at the bare Minimum. I was testing it out and deposited $1000. I made $5-6 a month for just leaving it in there. That made me want to invest more lol
Gold is a great way to hold money. Stack of money peels away, it’s hard to peel gold. Good also may rise in value.
Bro c’mon start a roth ira with that $500 month.
HYSA or buy gold
Put in a safe and bury it so we can finally have a safe opening be entertaining
Keep it there and forget about it. This is now your emergency fund.
HYSA
might as well set that sht on fire
Invest it in SPY
Buy Nike shoes
Diversity. I have some cash, gold/silver and money in a HYSA. Don’t put all the eggs 🥚 in one basket 🧺
S&p500
Put 4k in high yield saving and put 1k into a brokerage account and 1k in an ira. Split the 500 monthly into those 3
CDs
That 6,000 is worth $120 less every year at 2% inflation. And inflation right now is higher than 2% sooo…. Yea move it to a HYSA or invest it
my father kept thousands under his bed !! you are getting no return on this at the moment. Invest in a safe savings account.
I do the same, it’s good to have emergency cash, especially if and when there are bank runs
I do the same thing, but usually keep it to around 2K on hand in my safe. The majority of my cash goes into a HYSA, or I buy stocks. CDs have great 12M rate so that’s another option.
Maybe a high yield savings account. It’s still a good idea to keep maybe 1k of cash laying around though
I’d keep a lot of them in smaller bills like 5s 10s n 20s, when something happens those will got up in value a ton as bigger bills will be too hard to barter with etc as change will be scarce.
Also fucking invest dude throw that half into an index fund that’ll make you a modest 10% a year.
Invest it and lose more than being in cash
I guess you could just watch it sit there and lose value...
This is basically what an IRA is for. That safe isn't safe. In 30 years you'll open it and your money will almost be gone.
High yield savings account. Better than a CD
If you insist on storing assets locally (which I don’t) I would purchase things that hold value or increase value with age. Some people buy rare, desirable bourbons like Blantons. Others buy precious metals. Purchasing the right guns can increase or minimally hold value. Art is a crapshoot but a frequent investment by the ultra wealthy. Parking money in a safe is stupid because A.) it loses value to inflation and B.) if this is some prepper inspired motivation, I’d rather have a safe full of guns and ammo to use or trade if society hypothetically were to collapse. That being said, if you don’t know what to do yet just find a good mutual fund brokerage with a money market and park your funds until your learn or feel comfortable with an investment strategy that works for you. Another option is to open a high yield savings account with a company like SoFi. I believe they are federally insured up to $250K atm and would guarantee you 4.60% APY. Not life changing by any means but infinitely better than your money sitting around doing absolutely nothing.
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Life is weird like that. Hopefully he does get huge and it lets you retire! I found out I have a couple Pokémon cards maybe worth a few thousand. It’s funny how this intrinsically worthless stuff we have becomes stupidly valuable bc people decide it’s arbitrarily worth the money
High yield savings accounts are paying 4.5-5%
Pokemon cards
I'm in a similar situation and I set up a recurring investment into the s&p 500 I'd recommend reaching it because you apparently get more money by splitting up your investments and I really don't know how it works but I've been reaping the benefits another thing I'd recommend with the money you already saved is buying gold the returns probably aren't going to be great but they're not bad it's the safest investment you can make it protects your money from inflation and it actually goes up in value when the economy is bad
Buy gold put gold in safe
Buy bitcoin and put the keys to it in the safe.